A federal jury has found Rowland Marcus Andrade, the founder and CEO of AML Bitcoin, guilty of wire fraud and money laundering associated with the deceptive marketing and sale of the cryptocurrency.
The decision came after a five-week trial in the Northern District of California, overseen by Chief U.S. District Judge Richard Seeborg.
Prosecutors argued that Andrade, 47, deceived investors by falsely asserting that AML Bitcoin featured advanced anti-money laundering technology and was on the verge of being adopted by the Panama Canal Authority.
In truth, no such agreement was ever in place. Andrade amassed millions through these fraudulent claims and misappropriated over $2 million for personal use, including luxury vehicles and real estate in Texas.
Financial fraud charges
Federal investigators followed the trail of investor funds through various bank accounts, resulting in financial fraud charges. Acting U.S. Attorney Patrick D. Robbins stressed that misleading investors for personal enrichment is illegal and will be prosecuted vigorously.
FBI Special Agent in Charge Sanjay Virmani, along with IRS Criminal Investigation Special Agent in Charge Linda Nguyen, reiterated the agency’s dedication to safeguarding financial markets against deceitful practices.
Andrade is scheduled for sentencing on July 22, 2025, and could face up to 30 years in prison. His unlawfully obtained assets will be subject to forfeiture.